By Michael Lewis
When the crash of the US stock market became public knowledge in the fall of 2008, it was already old news. The real crash, the silent crash, had taken place over the previous year, in bizarre feeder markets where the sun doesn't shine, and the SEC doesn't dare, or bother, to tread - the bond and real estate derivative markets, where geeks invent impenetrable securities to profit from the misery of lower and middle-class Americans who can't pay their debts.
The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case, they weren't talking.
The crucial question is this: Who understood the risk inherent in the assumption of ever-rising real estate prices, a risk compounded daily by the creation of those arcane, artificial securities loosely based on piles of doubtful mortgages?
Michael Lewis turns the inquiry on its head to create a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestselling Liar's Poker. Who got it right ? he asks. Who saw the ever-rising real estate market for the black hole it would become, and eventually made billions of dollars from that perception ? And what qualities of character made those few persist when their peers and colleagues dismissed them as Chicken Littles ? Out of this handful of unlikely - really unlikely - heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest chronicler of our times.
About Michael Lewis
Michael Lewis was born in New Orleans and educated at Princeton University and the London School of Economics. He has written several books including the New York Times bestseller, Liar's Poker, widely considered the book that defined Wall Street during the 1980s. Lewis is contributing writer for the New York Times Magazine and also writes for Vanity Fair and Portfolio magazine. He is married with three children.
Published by Simon & Schuster